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Western Carriers (India) IPO
Price Band
₹163.0–172.0
Issue Size
₹492.88 Cr
Lot Size
87 shares
Min Investment
₹14,964
GMP
+₹16.0 (9.3%)
Issue Price
₹172.0
Subject to Sauda
₹1100
Paid only if allotted
Western Carriers (India) IPO AI Summary
- Western Carriers (India) IPO is listed on BSE, NSE in the Logistics Solution Provider sector.
- Price band: ₹163.0–₹172.0 per share, lot size 87 shares (min. investment ₹14,964).
- Subscription window: 13 Sep–19 Sep 2024, listing on 24 Sep 2024.
- Current GMP is +₹16.0 (9.3%), an estimated listing price of ₹188 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Western Carriers (India) IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 19 Sep 2024 — not a current signal.
3 of 4 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Western Carriers (India) IPO Grey Market Premium (GMP) Today
GMP
+₹16.0
GMP %
+9.3%
Est. Listing
₹188.0
Updated: 25 Jul 2026 14:04
About the Company
Incorporated in March 2011, Western Carriers (India) Limited is a Multi-modal, rail-focused, 4PL asset-light logistics company. The company offers fully customizable, multi-modal logistics solutions encompassing road, rail, water, and air transportation and a tailored range of value-added services. The company offers sectors such as metals, fast-moving consumer goods (“FMCG”), pharmaceuticals, chemicals, engineering, oil and gas and retail. The company's clientele includes Tata Steel Limited (“Tata Steel”), Hindalco Industries Limited (“Hindalco”), Jindal Stainless Limited (“JSL”), JSW Steel Coated Products Limited (“JSW”), Bharat Aluminium Company Limited(“BALCO”)and Vedanta Limited(“Vedanta”), Hindustan Unilever Limited (“HUL”), Hindustan Coca Cola Beverages Private Limited (“Coca Cola India”), Tata Consumer Products Limited (“Tata Consumer”), Gujarat Tea Processors and Packers Limited (“Wagh Bakri”) and CG Foods India Private Limited (“CG Foods”), Cipla Limited (“Cipla”), Materials Chemicals and Performance Intermediaries Private Limited (“MCPI”) (formerly, MCC PTA India Corp. Private Limited, a subsidiary of Mitsubishi Chemical Corporation), Haldia Petrochemicals Limited (“Haldia”) and Gujarat Heavy Chemicals Limited(“GHCL”)Oil and Gas Brahmaputra Cracker and Polymer Limited(“BCPL”)Utilities and others*Sheela Foam Limited(“Sleepwell”)and DHL Logistics Private Limited. The company provides chartering services to overseas destinations, stevedoring services at Indian ports, and coastal movement of cargo within India. They specialize in combining rail with road movements through an asset-light business model. The company manages and handles the supply chain for increased imports, exports, and production levels for a leading metals and resource group company. As of December 31, 2022, the company served a d over 1,100 customers. As of December 31, 2022, the company had 1,350 employees in various departments.
Company Financials (₹ Cr)
As of 2024-03-31
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 754.01 | 604.14 | 490.33 |
| Total Income | 1,691.41 | 1,637.84 | 1,475.79 |
| Profit After Tax | 80.35 | 71.57 | 61.13 |
| NET Worth | 398.36 | 318.61 | 257.58 |
| Reserves and Surplus | 359.01 | 279.08 | 157.12 |
| Total Borrowing | 266.00 | 210.47 | 150.40 |
Key Ratios
EPS
₹10.21
NAV
₹50.62
ROE
22.41%
ROCE
29.23%
RoNW
20.17%
P/B Value
3.40
P/E Ratio
16.85
Market Cap
₹1753.63 Cr
PAT Margin
4.77%
Debt/Equity
0.67
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| TCI Express Limited | 183.57 | 18.71% | 32.48 | 33.48 | 33.45 |
| Mahindra Logistics Ltd | 69.99 | -10.33% | -62.93 | 5.16 | 5.14 |
| Container Corporation Of India Ltd. | 193.87 | 10.42% | 47.73 | 17.27 | 17.27 |
| Western Carriers (India) Limited This IPO | 50.62 | 20.17% | — | 7.77 | 7.77 |
Promoters
Kanishka Sethia
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the Company 163.50 2 Funding of capital expenditure requirements of the Company towards purchase of: (i) commercial vehicles; (ii) 40 feet specialised containers and 20 feet normal shipping containers; and (iii) reach stackers; and 151.71 3 General corporate purposes 47.73
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,475.79 Cr in the year ending 31 Mar 2022, rising to ₹1,637.84 Cr by 31 Mar 2023, and further increasing to ₹1,691.41 Cr in the year ending 31 Mar 2024.
Profit Trend
Profit After Tax was ₹61.13 Cr in the year ending 31 Mar 2022, increasing to ₹71.57 Cr by 31 Mar 2023, and further rising to ₹80.35 Cr in the year ending 31 Mar 2024.
Valuation
Western Carriers (India) Limited has an implied P/E of 16.85 at the issue price, compared to peers trading at a P/E range of 32.48 to 47.73.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected premium of the IPO shares over the issue price in the grey market. A GMP of ₹16.0 suggests that the shares may list at approximately ₹188.0, reflecting a 9.3% premium over the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It's important to consider the company's business model, market position, and growth potential.
Who May Want to Wait
Investors who prefer stable, low-risk investments or those who are not comfortable with the inherent risks associated with IPOs may want to avoid this offering.
Listing Gains — The Risk
Listing-day gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance post-IPO. Investors should be prepared for the possibility of price fluctuations on the listing day.
This evaluation is generated from Western Carriers (India)'s own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Western Carriers (India) IPO GMP today?
Western Carriers (India) IPO GMP today is +₹16.0 (9.3%), indicating an estimated listing price of ₹188. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Western Carriers (India) IPO?
The price band of Western Carriers (India) IPO is ₹163.0–₹172.0 per share.
When does Western Carriers (India) IPO open and close?
Western Carriers (India) IPO opens on 13 September 2024 and closes on 19 September 2024.
When does Western Carriers (India) IPO list on the stock exchange?
Western Carriers (India) IPO listed on 24 September 2024 at ₹188.0.
What is the lot size for Western Carriers (India) IPO?
The lot size for Western Carriers (India) IPO is 87 shares, requiring a minimum investment of ₹14,964.
What is the price band for the IPO?
The price band for the IPO is ₹163.0 to ₹172.0.
What is the minimum investment required?
The minimum investment required is ₹14,964.0.
What is the lot size for this IPO?
The lot size for this IPO is 87 shares.
When is the listing date?
The listing date is set for September 24, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium of the IPO shares over the issue price in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
13 Sep 2024
Close
19 Sep 2024
Allotment
20 Sep 2024
Listing
24 Sep 2024
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